Victoria Real Estate, is it one of the best and most powerful investments you can make? Well, we think so and we are still investing in Victoria Real Estate. What does the stats for last month tell us?
Well, the exceptional strength of the Greater Victoria Real Estate market continued in August with incredible sales and record breaking prices. Sales of houses, condominiums, townhouses, building lots and other properties in the Greater Victoria area last month reached the highest level for the month of August in over 15 years.
In the month of August there were 846 sales through out the Victoria Real Estate Board’s Multiple Listing Service®, or Victoria MLS®. This is up an incredible 22 per cent from the 694 sales in the same month a year ago. Last month (July) there were 922 sales.
As we all know statistics can be interpreted in many ways so we have to keep in mind that there were 23 sales of over $1 million, including one sale in Oak Bay of over $5 million. This helped push the average price of single family homes sold in August to another record high of $576,632. Our year long prediction of an average selling price of close to $600,000 by the end of the year is certainly coming closer all the time. The stats for September will more then likely be up there as well, we just sold a property this morning for $1,490,000.
If we take a look at the median price it was considerably lower and remained unchanged from July at $515,000; the six-month average was $566,094. What keeps the median so much lower, well, my crystal ball tells me that there are also a lot of cottages (600 to 800 sqft) being built on some the the Gulf Islands and you can purchase one for as little as $240,000.
Many people say the market so far this year has exceeded expectations!! We think it is right where we predicted it to be, maybe a bit on the low side. The overall sales this year are running 13 percent higher compared to the first eight months of last year. I rest my case.
Let’s have a look at condominiums. The average price for all condos sold in August was $298,852; the average for the last six months was $313,852. The median was again lower at $275,000. The reason for condos being a bit lower, is that in July and August many parents come to Victoria to purchase a condo for their kids to go to University of Victoria or to Camosun College. They tend to buy a condo in the lower price range and we think that this is the reason for condos dropping a bit. Make sense to me. Let me know what you think.
The average price for town-homes last month was $395,646; the average for the last six months was $398,299. The median was $379,000. Townhouses are holding steady. There are some really nice new town house developments being built, one that I personally like is the Lookout on the West Shore.
Over all MLS® sales last month in all the Victoria Municipalities included 443 single family homes, 218 condominiums, 98 town-homes and 24 manufactured homes.
There were 3,352, properties listed for sale on the MLS® system at the end of last month, virtually unchanged from the 3,345 properties in the same month a year ago.
Keep in mind that many of these properties for sale are just “holes in the ground”. What I mean by that is that they are being pre-sold prior to being built and many of these properties you can not move in to till the year 2008 or 2009. I just did a search and there are 690 properties in the category of a occupancy date of 2007 or later.
If you are interested in historical stats you can just let us know an we will be happy to dig them up for you. Contact us anytime.
Anders Treiberg, Associate Broker, REALTOR®
Properties in Victoria Professionals -Royal LePage Coast Capital.
Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website www.PropertiesInVictoria.com of via email at anders@PropertiesInVictoria.comAll Articles More Like This